Canadian Lawyer 4Students

C A N A D I A N L a w y e r 4 S T U D E N T S F A L L 2 0 1 5 25 BY KELSEY ROLFE Having a part-time job during the school year, while juggling demanding class schedules and fi tting in time for studying, is a challenging task for students, and many opt to dedicate fully to their studies. "The key [to debt management] really is their ability to earn an income to help off set it while they're in school, and that's such a personal thing," Vandermeer says. "Some people are able to manage that and some people, the workload is so intense it's impossible to do, and no judgment either way on their abilities." The summer months can be the best time to save some money to help mitigate the cost of next year's tuition and, Frey says, gain some professional work experience to boot. "Right now, I'm working at a legal clinic here in Windsor," she says, "so I have a little bit of income and I have the bonus of really getting valuable legal experience." ■ Mint (mint.com): Backed by the same company that makes Turbotax, Mint is a free budgeting app and web interface that pulls together all your fi nancial information in one place. You can connect your accounts, bills, and cards, and it will categorize them to show you where your money's going. It also allows you to set budgeting goals for yourself, and it will update you with your status throughout the month. "It tries to help you be proactive in the budgeting side so it actually aff ects your behaviour, which is the key thing to budgeting," Vandermeer says. Budget Tool: Consolidated Credit's free iPhone app tracks your total expenses and helps you create a budget to manage your fi nances. You can compare your current budget to the "ideal" budget, and fi nd out if you're living within your means or if there's room to cut. "You can track your expenses on the go and you can download it to a spreadsheet after the fact," Schwartz says. You Need A Budget (YNAB.com): The YNAB app, which is free for students, encourages you to consider where each dollar you earn is going, and lets you know when you've gone over-budget. Overspending is deducted from the next month's budget, to keep you on track. Where you live can have a huge impact on the amount of debt you'll shoulder. If it's possible to live at home, the amount of money you can save is worth forgoing the freedom of living away from mom and dad. For students living away from home, Teresa Alm suggests they consider shared accommodations. "The greatest cost students are going to have outside of their direct education-related expenses are their living expenses, and those are the ones they have the most control over," says the associate university registrar of student awards at Queen's University. "So my advice is to try to be moderate in their accommodation choices." Frey lives with another law student, which she says, in addition to providing a "mini support system in my own home," helps keep her living expenses lower. "To live in a one-bedroom, it's like an extra $200 a month," she says. Law schools often have an incredible amount of money for merit- and need-based scholarships and bursaries. "I apply to a lot of scholarships and bursaries so I can supplement the funds that I have to pay for my schooling," says Ghelani. Even though the awards are highly competitive, it's worth it to throw your hat in the ring. According to Alm, Queen's Faculty of Law gives away more than $1 million in non-repayable fi nancial assistance to students. Osgoode, Hunter says, allocates $4 million per year in scholarships, bursaries, and prizes. "Really just make sure that you're applying to all of those diff erent programs and maximizing your chances of getting funding," she says. "Bursaries are not repayable, they're just free money, so that is an amazing burst of funding." 5 6 7 Adviser-recommended apps Major clients, high profile maers, some of the most experienced ip practitioners as mentors… articling and working at Dimock Straon has it all. If you're serious about a career in ip law, Dimock Straon should be at the top of your list. "I work on high profile maers every day" Cristina Mihalceanu, associate D S experience. results. 20 Queen W. 32nd fl, Toronto | 416.971.7202 | dimock.com Consider your housing Apply for awards Take a summer job

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